Growing compliance on international quality standards and availability of the latest medical technologies to drive global medical tourism market
According to TechSci Research report, “Global Medical tourism Market, By Treatment Type (Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, Dental Treatment, Cosmetic Treatment, Organ Transplant, Neuro & Spinal Surgery, ENT Treatment, Others), By Service (Medical VISA, Appointment Fixation, Treatment/Check-up Packages, Others), By Region, Competition, Forecast & Opportunities, 2025”, global medical tourism market is expected to witness robust growth rate during the forecast period. Absence of healthcare insurance in local markets is one of the major factors accounting for the growth of global medical tourism market. Moreover, growing requirement for procedures that are not covered by insurance such as fertility treatment, cosmetic surgery, gender reassignment surgeries and dental reconstruction is expected to bode well for the growth of global medical tourism market through the forecast period. In addition to this, inadequate insurance benefits available in the travelers’ home country, is positively influencing the growth of global medical tourism market. Also, wider hospital networks under insurance coverage for cashless transactions, is making headway for the growth of global medical tourism market. Along with this, advertising and marketing of the medical tourism is positively contributing to the market growth across the globe. However, there are some factors that might act as major impediments to the growth of global medical tourism market through 2025 such as lengthy partial reimbursement by payers and difficulties associated with travel, language barriers, availability of documentation, and VISA approval issues and others.
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Global medical tourism market can be segmented based on treatment type, service, company, and region. Considering the service, the market is fragmented into medical VISA, appointment fixation, treatment/check-up packages and others. Here, the medical VISA segment dominated the global medical tourism market in terms of largest market share until 2019 and is further anticipated to maintain its dominance during the forecast period as well, which can be accredited to the ability to pay travel, medical treatment and accommodation expenses in emerging medical tourism destinations. In terms of treatment type, the market is categorized into cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, dental treatment, cosmetic treatment, organ transplant, neuro & spinal surgery, ENT treatment and others. Out of these, the cardiovascular surgery segment is estimated to register high growth in the next five years, on account of increasing prevalence of coronary artery related diseases.
Johns Hopkins Hospital, Mayo Clinic, Asian Heart Institute, Medretreat, NTT Medical Center Tokyo, Healthbase, Apollo Hospitals Enterprise Limited, Axiom Health Solutions, Canadian Healthcare Internationals, KPJ Healthcare Behard, Klinikum Medical Link, Euromedical Tours, Wooridul Spine Hospital, BB Health Solution, Cosmedic Travel, Mount Elizabeth Medical Center, Sunway Medical Center, Hospital Israelita Albert Einstein, are among others are the leading players operating in global medical tourism market. The players are adopting several growth strategies to enhance the market scenario of medical tourism. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diversify their product portfolio in order to strengthen their market position.
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“Asia-Pacific is forecast to dominate the global medical tourism market during the next five years on account of increasing preference of medical tourists towards developing countries such as Thailand, India, Malaysia owing to availability of advanced medical treatments at significantly lower cost when compared to developed regions. Furthermore, presence of multi-specialty hospitals that provide technologically advanced therapies, is further anticipated to boost the market growth for medical tourism in region over the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Medical Tourism Market, By Treatment Type (Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, Dental Treatment, Cosmetic Treatment, Organ Transplant, Neuro & Spinal Surgery, ENT Treatment, Others), By Service (Medical VISA, Appointment Fixation, Treatment/Check-up Packages, Others), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global medical tourism market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global medical tourism market.
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